Evan Tangeman, 22-year old resident of Newport Beach, California, was sentenced to 70 months in federal prison for pleading guilty to participating in a crypto laundering syndicate group.
Role in Multi-State Criminal Enterprise
The U.S. Attorney’s Office for the District of Columbia said that Tangeman admitted to his role in “multi-state criminal enterprise” that stole more than $263 million in crypto through an “elaborate social engineering scheme”.
Greed Led to Lavish Lifestyles
The U.S. Department of Justice (DOJ) reports that the group used the stolen funds to bankroll lavish lifestyles, including luxury cars, high-end watches, the gifting of luxury handbags at nightclub parties and alarming nightclub tabs.
DOJ officials say the group’s greed bordered on being “cartoonish.”
Reports state that the syndicate group operated from at least October 2023 to May 2025 and used hacking and social engineering to steal cryptocurrency from its victims.
Tangeman’s role was to liquidize the stolen crypto to an accessible form.
